Intake: September only
Duration: 12 months full-time
Financial support: Please see our Scholarships page
Application deadline: None - rolling admissions
The MSc in Quantitative Finance develops sophisticated statistical, programming and economic skills for roles in areas such as quantitative asset management and risk management.
The MSc in Quantitative Finance will equip you with a rigorous understanding of the theory behind asset pricing, fixed income securities and risk management, supported by solid knowledge of numerical analysis and programming languages; special emphasis is on econometric techniques as forecasting and market microstructure analysis.
Typical career paths of graduates from our MSc in Quantitative Finance include research positions (in both financial and academic institutions), or roles involving the assessment of market microstructure across a number of exchanges, stress testing/scenario analysis, development and improvements of asset allocation models and analysis of potential investment vehicles across different asset classes, such as Hedge Funds Risk Analyst, Financial Analyst and Asset Allocation Analyst.
The demand for recruits with strong quantitative skills has spread beyond the pure derivatives area, and graduates from the course move into a range of careers in the financial sector. Cass's proximity to the City of London helps graduates to access outstanding career opportunities, especially as Cass has close links with many City institutions.
- On-campus: 14 April at 18.30
If you would like to arrange an individual appointment to discuss this programme please email email@example.com
We review all our courses regularly to keep them up-to-date on issues of theory, practice and relevance. Therefore, there might be some late changes to the detailed content of the modules, and occasionally to module titles.
To satisfy the requirements of the degree programme students must complete:
nine core courses
one elective and a Business Research Project
Two Induction Weeks The Quantitative Finance course starts with two compulsory induction weeks, focused on:
- an introduction to careers in finance and the opportunity to speak to representatives from over 75 companies during a number of different industry specific fairs.
- a reminder course of advanced financial mathematics, statistics and basic computing which forms a prerequisite of the core modules in term 1.
The teaching staff on the MSc in Quantitative Finance have many years of practical experience working in the financial services sector and are also active researchers in their fields.
This knowledge and experience inform the highly interactive lectures that make up the MSc in Quantitative Finance.
Other Module Leaders include:
- Prof. Keith Cuthbertson
- Prof. Giovanni Urga
- Dr Lorenzo Trapani
- Dr Laura Ballotta
- Dr Ioannis Kyriakou
- Dr Gianluca Fusai
- Dr Max Bruche
Teaching staff on Cass Talks
Some of the lecturing staff on the MSc in Quantitative Finance have taken part in recent editions of Cass Talks.
Dirk Nitzsche on Mutual Funds
Prof. Keith Cuthbertson on female quotas for boards
Cass Business School is among the global elite of business schools that hold the gold standard of 'triple-crown' accreditation from the Association to Advance Collegiate Schools of Business (AACSB), the Association of MBAs (AMBA) and the European Quality Improvement System (EQUIS). We are consistently ranked amongst the best business schools and programmes in the world which, coupled with an established 40-year reputation for excellence in research and business education, enables us to attract some of the best academics, students and businesses worldwide into our exclusive Cass network.
MSc Research Project
Students have the option of studying five specialised electives in term three to give them a breadth of subject matter. Alternatively if students would like to study one particular area of interest in depth they have the option of taking one elective and completing a Business Research Project, which in some cases may be completed in partnership with a sponsoring organisation.
The Project will be of approximately 8,000 words. This offers an opportunity to specialise in a contemporary finance topic related to students' future careers. The Project should be based on independent research either in the context of a single organisation or using third-party sources.
Students are encouraged from the start of the course to think about a topic for their Project. A member of academic staff supervises the project, and the student may choose whom they would like to work with. The Project must be submitted by the end of August. Company sponsored projects are encouraged and a number of such projects may be available.
Many students use this opportunity to complete a project in conjunction with an organisation they might want to work for. This gets their foot in the door and can lead to permanent employment post programme, whilst earning course credit. Cass Careers Service works to coordinate projects with organisations and students.
Some recent projects:
- Stock returns and volatility in Chinese stock markets
- Nearest neighbour estimators and foreign exchange rate predictions The inflation market of Sweden - an empirical investigation employing the Markov switching model
- Sovereign credit default swaps intensity calibration, estimation and application
- A comparative study of volatility forecasting models for the Greek stock market index
- Modelling and pricing credit index tranches using the normal inverse Gaussian distribution
- Fractional Co-integration and Long Memory in index options: Application to High Frequency statistical arbitrage trading strategies
- Relationship Between Default Values and Recovery Rates and its Effect on Portfolio Credit Risk
- Time Varying correlation between stock and bond returns
The entry requirements for the MSc Quantitative Finance are as follows:
Documents required for decision-making
- Transcript/interim transcript
- Current module list if still studying
- Personal statement (500-600 words)
Documents which may follow at a later date
- IELTS result, if report available
- Confirmation of professional qualification examinations/exemptions/passes, if applicable
- Two references
- Work experience is not a requirement of this course
We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.
- A UK 2.1 or above, or the equivalent from an overseas institution
- Previous degree must be in a highly quantitative subject such as mathematics, physics or engineering
- Students from alternative academic backgrounds should have covered areas such as micro- and macroeconomics and econometrics within their first degree
You may also be requested to provide a syllabus of specific modules undertaken during your studies, as part of the assessment process. This is not required at the point of submitting an application however and will only be requested by the admissions team if required as part of the assessment process.
Applicants will need to submit two references, one of which MUST be an academic reference.
- If you have been studying in the UK for the last three years it is unlikely that you will have to take the test
- If you have studied a 2+2 degree with just two years in the UK you will be required to provide IELTS results and possibly to resit the tests to meet our requirements.
The required IELTS level is an average of 7.0 with a minimum of 6.5 in writing.
Please note that due to changes in the UKVI's list of SELTs we are no longer able to accept TOEFL as evidence of English language for students who require a CAS as of April 2014.
Work experience is not a requirement, but please provide details of relevant experience that might enhance your profile. This information will be included in your CV which is required with all applications.
Tuition fees and term dates
Tuition fees 2015/16
Application fee: Nil
Tuition fee: TBC Currency Converter
Deposit: £2,000 (paid within 1 month of receiving offer)
First instalment: Half fees less deposit (paid at registration)
Second instalment: Half fees (paid in January following start of programme)
Term dates 2015/6
In-Person Registration (all students must attend): 14 - 18 September 2015
Induction: 14 - 25 September 2015
28 September 2015 - 4 December 2015
Term I exams
11 January 2016 - 22 January 2016
25 January 2016 - 8 April 2016
Term II exams
25 April 2016 - 6 May 2016
16 May 2016 - 24 June 2016
Term III exams
27 June 2016 - 8 July 2016
Submission deadline for Business Research Project
1 September 2016
Official Course End Date
30 September 2016
Although investment and hedge funds remain the biggest users and innovators in quantitative finance, other financial sectors such as commercial banking, insurance and fund management are now keenly interested. Fund managers and hedge funds, for example, make extensive use of quantitative techniques to develop trading strategies, optimise portfolios and assess risk.
MSc in Quantitative Finance Employability
Our Graduate Destination Survey (pdf) of last year's MSc in Quantitative Finance cohort shows that 87% of graduates are now either in work (83%) or not job seeking as they are in further study, military service etc. (4%)*
Some examples of where graduates from the 2010/11 MSc in Quantitative Finance are working are:
- Markit Group - Portfolio Valuations, Product Analyst - UK
- Sporting Index - Data Modelling, Tester and Junior Modeller - UK
- Standard & Poor's - Analytic Development Group, Risk Analyst - UK
- Deutsche Bank Risk Centre - Risk Analytics and Instruments, Quant Analyst - Germany
- The Bank of Tokyo - Mitsubishi UFJ - Global Sales and Trading, Interest Rate Derivatives Trader - Thailand
*Based on 2012 survey respondents